Press release
Automotive Oxygen Sensor Market is Anticipated to Grow at A CAGR of 6.5% Over The Forecast Period
Automotive Oxygen Sensor Market
The most sensitive and essential parts of an engine are the oxygen sensors, commonly known as Lambda sensors or O2 sensors by some manufacturers. Earlier fuel injection systems maintained closed-loop air/fuel mixture control by using a single oxygen sensor in the exhaust system. However, modern engines could employ up to four sensors, which track both the effectiveness of the catalytic converter and the oxygen level of the exhaust flow.
The sensors must adhere to OE specifications within exceedingly small tolerances in order to carry out these functions correctly. A damaged or inaccurately calibrated oxygen sensor can impair driving performance and turn on the malfunction signal, necessitating expensive and time-consuming repairs.
Surging concern for efficiency of vehicles coupled with increasing number of stringent government regulations on the emission of harmful gases is anticipated to bolster the global demand of automotive oxygen sensor market over the forecast period. Increasing adoption of electric vehicles, alternate fuelled vehicles are anticipated to impede the global sales of automotive oxygen sensor market over the projected period.
Sensor manufacturers will be forced to upgrade their products to match the vehicles due to technological advancements in the automotive industry and the expansion of the automotive sector, which is anticipated to create lucrative opportunities for the global automotive oxygen sensor market in the future.
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Product Type Insights
By product type, the global automotive oxygen sensor market is classified into Zirconia Sensor, Wideband Zirconia Sensor, and Titania Sensor. Zirconium dioxide, also known as zirconia, is a solid-state electrochemical fuel cell. It comprises of two electrodes that produce the output voltage and deliver the exhaust an equivalent amount of oxygen to the atmosphere. Additionally, it responds to the ECU, which in turn determines the air-to-fuel ratio.
Wideband zirconia sensors are related to zirconia sensors, however they differ in the band (or potential band) of the zirconia sensor. It is made up of a feedback loop that regulates the gas pump current and directly influences the amount of oxygen in the exhaust.
Ceramic titania (titanium oxide) is used to make the titania sensor. Although it doesn't produce its own voltage, it uses electric resistance to provide the amount of oxygen in the exhaust.
Application Insights
In terms of application, the global automotive oxygen sensor market is segmented into Passenger Cars and Commercial Vehicles. The passenger cars segment is expected accounted for the largest market share during the forecasted period. There has been an increase in luxury and sports car sales worldwide due to which the passenger car segment is expected to propel during the forecast period.
Sales Channel Insights
On the basis of sales channel, the automotive oxygen sensor can be characterized into original equipment manufacturer (OEM) and aftermarket. The production of the oxygen sensor involves numerous major companies on the global level. To replace the oxygen sensor and lower the cost of replacement, the majority of buyers favour local manufacturers. Therefore, aftermarket segment is expected to dominate the market during the forecast period.
Regional Insights
In terms of region, Asia pacific is anticipated to hold major market during the forecast period, due to high acceptance rate of automotive oxygen sensors and the increasing automotive sector leading to an increased production of vehicles with automotive oxygen sensors, especially in India and China. Strong auto industry production and sales, new laws requiring the use of technology to increase safety and reduce pollution, and rising demand for high-end, feature-packed vehicles in developing nations like China and India are the driving the growth of the market in the region.
Due to increased public transportation compared to personal transportation in the coming years, Latin America is an expanding market for automobile oxygen sensors. Over the stipulated time period, the Middle East and Africa is expected to develop at a faster rate in the global automotive oxygen sensors market over the projected period.
Key Companies Insights
Some of the major companies studied under the market scope are as follows: Fujikura Ltd, Robert Bosch, NGK SPARK PLUGS PVT. LTD, Pricol Ltd, Continental AG, HELLA GmbH & Co. KGaA, DENSO EUROPE, Spectra Premium, and Others. Prominent players operating in the market experiences intense competition owing to the presence of large number of players on the global scale. Further, the inorganic strategies adopted by these players such as merger and acquisition, new product launch, geographic expansion, research & development for expanding their product portfolio, and others.
In 2021, DENSO expanded its line of first time fit oxygen sensors. The company increased its product line to 1,362 part numbers and continuing to lead the industry with its high-quality oxygen sensors covering 99% of vehicles made in the U.S., Europe and Asia.
In 2021, Napino Auto & Electronics Ltd, a leading automotive component designing & manufacturing company, announced partnership with Kerdea Technologies Inc. Under the licencing agreement between Kerdea and Napino, the technology will be transferred to Napino. The requirements of the Indian automobile industry will be met by oxygen sensors owing to the adoption of BS-6 and the upcoming OBD2 standards.
In 2020, NGK Spark Plugs India Private Limited invested nearly Rs 100 crores in setting up an additional oxygen sensor division in its Bawal Plant to strengthen production capability of automotive components. In the new division, the company will produce high quality oxygen sensors for 2-wheeler vehicles.
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Segments
By Product Type
· Zirconia Sensor
· Wideband Zirconia Sensor
· Titania Sensor
By Application
· Passenger Cars
· Commercial Vehicles
By Sales Channel
· Original Equipment Manufacturer (OEM)
· Aftermarket
Frequently Asked Questions
• What is the market size and growth projections?
• What is the market size and growth projection for each of the market segments and sub-segments across Countries & Regions?
• What are the top performing segments, and countries / regions of each of the markets?
• What is the market size and growth rate across key countries / regions?
• How big is the global & regional market in terms of revenue and volume?
• How far market will grow in forecast period in terms of revenue and volume?
• What factors will influence demand and supply trends across each markets during the forecast period?
• What are the technology trends shaping various markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and how long will it take to recover?
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